An exceptionally rare 1967 Ferrari 365 California Spyder by Pininfarina, the ninth of just 14 built, will highlight an auction of classic cars and other vehicles in Miami next month.
RM Sotheby’s will conduct a two-day auction from March 1-2 with 119 motor vehicle lots at the first ModaMiami extravaganza. On offer will be boats, motorcycles, and a plane, too.
The Spyder is in exceptionally original condition, with certification from Ferrari Classiche that it retains its matching-numbers chassis, engine, transmission, rear axle, and body. The car is chassis number 9935, completed in May 1967 and in the hands of two long-term owners (four owners total). It was specified with China Red paint and a white-leather interior that matched the Los Angeles-based first owner Nancy Tewksbury’s 275 GTS. The coach-built car was bought by Donald Grove, a Princeton physicist, in 1971. Grove restored the car and kept it for 27 years. The Spyder is estimated to achieve between US$4 million and US$4.5 million.
Another notable car at the auction will be a 1929 Duesenberg Model J “Sweep Panel” dual-cowl phaeton with coachwork by LeBaron. The car’s original owner was Phillip K. Wrigley, who took over the famous chewing gum company (and the Chicago Cubs) from his father, William Wrigley, Jr. The younger Wrigley traveled to the Duesenberg factory in Indiana to see his car being built. It is chassis 2177 with engine J-121, originally with a Murphy body.
After a year and 10,400 miles, Wrigley decided he preferred the dual-cowl LeBaron phaeton body on a friend’s car better, and so he retained his original chassis but swapped on the LeBaron body. It was the kind of thing that was possible on cars with body-on-frame construction. The Duesenberg is estimated to achieve between US$2.65 million and US$2.85 million.
From the racing side of things comes a 1966 Porsche 906 Carrera S with competition history, initially driven by first owner Josef “Sepp” Greger. The car ran to victory in the two-litre class at the European Hillclimb Championship in 1966 and the European Mountain Championship in 1968. Under new owners, it competed in other German races in 1971 and 1972, then went to Macau, where it also raced but did not finish. It took part in some 80 races (achieving more class wins than any other 906) and was even used briefly as a road car. Under New York owner Jean Goutal, who bought the car in 2003, it was finally fully restored by Porsche racing specialist Kevin Jeanette’s Gunnar Racing. After three years of work, the Carrera is now virtually as-delivered, with many period details. The estimate is between US$1.8 million and US$2.8 million.
Other special cars in the RM Sotheby’s Miami auction include:
— The 1964 289-powered Mark II AC Cobra is a late production model with rack-and-pinion steering and a pair of dual-barrel carburetors from the factory. The car retains its original engine, which offers 271 horsepower. Originally sold in Illinois and then Ohio, the car was on the cover of the first Cobra World Registry in 1974. The Cobra was repainted in the 1980s in its current classic blue with white stripes. After extensive service in 2022 by Cobra specialist Rare Drive in New Hampshire (including a rebuild of the brakes and suspension) it is ready for the road. The car has never been in an accident or had extensive modifications. It’s estimated at US$1.1 million to US$1.3 million.
— The 1929 De Havilland DH60GM Gipsy Moth is a restored airplane from the early days of aviation that was used in the making of the 1985 hit film Out of Africa. In keeping with that history, the plane’s sale benefits a rhinoceros sanctuary in Kenya. This all-metal Gipsy Moth was built under a De Havilland license in the U.S. in 1929. It was then shipped to the UK, where it was eventually registered G-AAMY to celebrate the career of British aviatrix Amy Johnson, the first woman to fly solo from England to Australia in her own Gipsy Moth. In 1985, the plane was dismantled and shipped in two crates to Nairobi by way of Germany. It subsequently appeared in numerous scenes in Out of Africa , which starred Meryl Streep and Robert Redford and is based on the 1937 autobiography of that name by Isak Dinesen (a pseudonym for Karen Blixen). The plane has been regularly maintained and now has an uprated De Havilland Gypsy II engine that makes 135 horsepower, and is said to be eminently air-worthy. The plane is projected to bring US$140,000 to US$220,000.
— The 27-foot 1941 Chris-Craft Model 115 Custom Runabout “Runaway Jane” is the only survivor of three of these triple-cockpit wooden boats built that year. It was restored by Michigan experts in 2002 and has been sympathetically maintained since then. Power now comes from an 8.2-liter Mercruiser V8 with more than 300 horsepower, considerably enlivening the original performance. Only 62 examples of this 27-foot craft were built over a 10-year period.The low estimate is US$175,000 and the high US$225,000.
There are, of course, many other vehicles being sold, including a series of BMW M cars, and classic Mercedes, including examples of the 540K, the 770K, and the 300SL.
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The 28% increase buoyed the country as it battled on several fronts but investment remains down from 2021
As the war against Hamas dragged into 2024, there were worries here that investment would dry up in Israel’s globally important technology sector, as much of the world became angry against the casualties in Gaza and recoiled at the unstable security situation.
In fact, a new survey found investment into Israeli technology startups grew 28% last year to $10.6 billion. The influx buoyed Israel’s economy and helped it maintain a war footing on several battlefronts.
The increase marks a turnaround for Israeli startups, which had experienced a decline in investments in 2023 to $8.3 billion, a drop blamed in part on an effort to overhaul the country’s judicial system and the initial shock of the Hamas-led Oct. 7, 2023 attack.
Tech investment in Israel remains depressed from years past. It is still just a third of the almost $30 billion in private investments raised in 2021, a peak after which Israel followed the U.S. into a funding market downturn.
Any increase in Israeli technology investment defied expectations though. The sector is responsible for 20% of Israel’s gross domestic product and about 10% of employment. It contributed directly to 2.2% of GDP growth in the first three quarters of the year, according to Startup Nation Central—without which Israel would have been on a negative growth trend, it said.
“If you asked me a year before if I expected those numbers, I wouldn’t have,” said Avi Hasson, head of Startup Nation Central, the Tel Aviv-based nonprofit that tracks tech investments and released the investment survey.
Israel’s tech sector is among the world’s largest technology hubs, especially for startups. It has remained one of the most stable parts of the Israeli economy during the 15-month long war, which has taxed the economy and slashed expectations for growth to a mere 0.5% in 2024.
Industry investors and analysts say the war stifled what could have been even stronger growth. The survey didn’t break out how much of 2024’s investment came from foreign sources and local funders.
“We have an extremely innovative and dynamic high tech sector which is still holding on,” said Karnit Flug, a former governor of the Bank of Israel and now a senior fellow at the Jerusalem-based Israel Democracy Institute, a think tank. “It has recovered somewhat since the start of the war, but not as much as one would hope.”
At the war’s outset, tens of thousands of Israel’s nearly 400,000 tech employees were called into reserve service and companies scrambled to realign operations as rockets from Gaza and Lebanon pounded the country. Even as operations normalized, foreign airlines overwhelmingly cut service to Israel, spooking investors and making it harder for Israelis to reach their customers abroad.
An explosion in negative global sentiment toward Israel introduced a new form of risk in doing business with Israeli companies. Global ratings firms lowered Israel’s credit rating over uncertainty caused by the war.
Israel’s government flooded money into the economy to stabilize it shortly after war broke out in October 2023. That expansionary fiscal policy, economists say, stemmed what was an initial economic contraction in the war’s first quarter and helped Israel regain its footing, but is now resulting in expected tax increases to foot the bill.
The 2024 boost was led by investments into Israeli cybersecurity companies, which captured about 40% of all private capital raised, despite representing only 7% of Israeli tech companies. Many of Israel’s tech workers have served in advanced military-technology units, where they can gain experience building products. Israeli tech products are sometimes tested on the battlefield. These factors have led to its cybersecurity companies being dominant in the global market, industry experts said.
The number of Israeli defense-tech companies active throughout 2024 doubled, although they contributed to a much smaller percentage of the overall growth in investments. This included some startups which pivoted to the area amid a surge in global demand spurred by the war in Ukraine and at home in Israel. Funding raised by Israeli defense-tech companies grew to $165 million in 2024, from $19 million the previous year.
“The fact that things are literally battlefield proven, and both the understanding of the customer as well as the ability to put it into use and to accelerate the progress of those technologies, is something that is unique to Israel,” said Hasson.
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